Gilbane Development Company and Strada Close on $13 Million Acquisition Loan for Bronx Land Purchase

Strada is excited to announce the formation of Strada Development LLC, the company’s new housing subsidiary, as it takes on its first two projects. Partnered with Gilbane Development Company, Strada has closed on a $13 million acquisition loan for the purchase of 1931 Lafayette Ave., a parking lot in the Bronx neighborhood of Soundview. The project will consist of two 19-story buildings with over 400 affordable and supportive housing units, offering essential services for chronically unhoused individuals and affordable housing at various income levels. The project will also include commercial space and replacement parking. It is an honor to partner with the incredible Gilbane team, and we are grateful to the Low Income Investment Fund for its financial support.